Filing Flows › Progressive (PGR) › Q3 2025
Progressive (PGR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Progressive (PGR) reported revenue of $22.5B for the third quarter 2025 (Q3 2025), +14% from a year earlier and +2% from the quarter before. Operating margin was 14.8%, net earnings $2.6B (11.6% of revenue).
Progressive, Q3 2025: revenue $22.5B (+14% year over year), operating margin 14.8%, net earnings $2.6B, operating cash flow $5.2B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.5B | +2% | +14% |
| Operating profit | $3.3B | -17% | +13% |
| Net earnings | $2.6B | -18% | +12% |
| Operating cash flow | $5.2B | +29% | +13% |
| Free cash flow | $5.1B | +30% | +13% |
What changed
Revenue was $22.5B in Q3 2025, up 14% year over year and up 2% from the previous quarter.
Operating profit was $3.3B, a 14.8% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 13% reached operating profit, below the 15% margin then. Total costs grew 14% against revenue growth of 14%. Net earnings were $2.6B, up 12% year over year. The effective tax rate was 21.3%.
Operating cash flow was $5.2B (up 13% year over year), 199% of net earnings. Non-cash charges added back $0.08B of depreciation. Working capital and other items added $2.5B. Capital expenditures of $0.07B left free cash flow of $5.1B.
Questions
What was Progressive's revenue in the third quarter 2025?
Progressive (PGR) reported revenue of $22.5B for the third quarter 2025 (Q3 2025), +14% from a year earlier and +2% from the quarter before.
Was Progressive profitable in the third quarter 2025?
Operating profit was $3.3B (14.8% of revenue) and net earnings $2.6B.
Source: Progressive 10-Q on SEC EDGAR.